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US Economic System
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Hey are you Abe Lincoln?
Let's start with the four important principles of the U.S economic system.
Well let me enlighten you, my child.
Uhhh... No I'm an uneducated farmer. You look familiar.
Yes, you can even sell the house, and if you invent something, you have the right to own, sell and use it.
First, we have private property, the idea that you can own, use, or dispose of things of value.
So I can own a house?
We also have the principle of freedom of choice, the fact that you can make economic decisions independently.
Yes, but remember, you must accept the consequences of those decisions.
What?! So I can buy, produce and sell, work, and make my own decisions?!
Umm...anyway... the third principle is profit, that businesses supply goods and services to the market for one reason: to earn money.
This is a cutthroat world.
What?? So they only care about the money left after subtracting the operating costs?
You are so wise. Are you sure I don't know you?
Finally we have competition, rivalry among businesses to sell their goods and services to buyers.
Well actually, it improves the quality of business and keeps prices reasonable
Oh no. That sounds bad.
Wow! I AM SUCH A HUGE FAN. Can I get an autograph? Oh, I forgot to mention I am Jesus.
Wow. I learned so much about the U.S economic system. Who knew how complex and organized the system was? I also have a confession: I AM ABE LINCOLN!
Oh that's pretty cool too I guess.
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